12.
10.23
09:27

Competition puts a strain on wheat

Wheat prices fell yesterday for the second day in a row. The December contract closed with a loss of 3.50 euros/t at 231.00 euros/t. The news about the deal between Egypt and Russia for an estimated 500,000 tons of wheat continued to cause stress. Russia's inventories are valued highly and Ukraine's visible efforts to revive Black Sea transport are also putting pressure on price developments. However, overall grain exports are currently around a third below the previous year's level. The Ministry of Agriculture in Kiev announced that the area under wheat cultivation remained at 4.4 percent. According to Ukrainian information, around 3.7 million hectares had been ordered by October 9th. Wheat also went south on the CBT. As reported yesterday, the weekly inventory report on winter wheat sowing did not bring any surprises and therefore had little impact on yesterday's price development. Rather, traders are positioning themselves for today's WASDE, which will be published at 6:00 p.m. CET. The majority of analysts' estimates indicate a slight increase in US wheat reserves. However, before the trading session, the contracts on the CBoT made up for the losses from the previous day.

Source
VR AGRICULTURE
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